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Leases | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Leases [Abstract] |
Leases | NOTE 12. LEASES (a) As a lessee Precision recognizes right-of-use assets primarily from its leases of real estate and vehicles and equipment.
|  | Real Estate |  |  | Vehicles and Equipment |  |  | Total |
Balance, December 31, 2020 |  | $ | 43,689 |  |  | $ | 11,479 |  |  | $ | 55,168 |
Additions |  |  | 514 |  |  |  | 3,029 |  |  |  | 3,543 |
Derecognition |  |  | — |  |  |  | (480 | ) |  |  | (480 | )
Depreciation |  |  | (3,566 | ) |  |  | (3,009 | ) |  |  | (6,575 | )
Effect of foreign currency exchange differences |  |  | (174 | ) |  |  | (42 | ) |  |  | (216 | )
Balance, December 31, 2021 |  | $ | 40,463 |  |  | $ | 10,977 |  |  | $ | 51,440 |
Additions |  |  | 1,662 |  |  |  | 5,410 |  |  |  | 7,072 |
Acquired |  |  | 6,990 |  |  |  | — |  |  |  | 6,990 |
Depreciation |  |  | (3,730 | ) |  |  | (3,535 | ) |  |  | (7,265 | )
Lease remeasurements |  |  | (372 | ) |  |  | 189 |  |  |  | (183 | )
Effect of foreign currency exchange differences |  |  | 1,483 |  |  |  | 495 |  |  |  | 1,978 |
Balance, December 31, 2022 |  | $ | 46,496 |  |  | $ | 13,536 |  |  | $ | 60,032 |
Precision’s real estate lease contracts often contain renewal options which may impact the determination of the lease term for purposes of calculating the lease obligation. If it is reasonably certain that a renewal option will be exercised, the renewal period is included in the lease term. When entering a lease, Precision assesses whether it is reasonably certain renewal options will be exercised. Reasonable certainty is established if all relevant facts and circumstances indicate an economic incentive to exercise the renewal option. For the majority of its real estate leases, Precision is reasonably certain it will exercise its renewal option. Accordingly, the renewal period has been included in the lease term used to calculate the lease obligation. For the period ended December 31, 2022, Precision had total cash outflows of $10 million (2021 – $9 million) in relation to its lease obligations. The Corporation has commitments under various lease agreements, primarily for real estate and vehicles and equipment. Terms of Precision’s real estate leases run for a period of one to 10 years while vehicle and equipment leases are typically for terms of between three and four years. Expected non-cancellable undiscounted operating lease payments are as follows:
|  | 2022 |  |  | 2021 |
Less than one year |  | $ | 10,985 |  |  | $ | 10,782 |
One to five years |  |  | 28,977 |  |  |  | 29,327 |
More than five years |  |  | 8,628 |  |  |  | 2,391 |
|  | $ | 48,590 |  |  | $ | 42,500 |
(b) As a lessor Precision leases its rig equipment under long-term drilling contracts with terms ranging from one to five years. At December 31, 2022, the net book value of the underlying rig equipment subject to long-term drilling contracts was $774 million (2021 – $503 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2022.
Less than one year |  | $ |  | 481,848
One t o five years |  |  |  | 746,480
More than five years |  |  |  | 37,642
|  | $ |  | 1,265,970

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